Ivory Coast Gains Key IMF Seat as Sub-Saharan Africa Expands Influence

Ivory Coast’s Wautabouna Ouattara has assumed a newly created role on the International Monetary Fund’s (IMF) executive board, marking the third seat for Sub-Saharan Africa. This position brings the board’s membership to 25, reflecting a strategic effort to amplify Africa’s influence in global financial policymaking. Consequently, Africa’s 54 countries, comprising 18% of the global population, now hold 6.5% of IMF voting rights. Despite this move, critics argue that the new representation falls short, especially as countries across the region contend with debt crises. The IMF has been essential in ensuring the region’s financial stability in recent years, helping countries like Zambia and Ghana restructure their debts and offering liquidity assistance to others, like Kenya, faced with rising debt interest payments.

SOURCE: REUTERS